HUD bid? What do you think we should do?

Question

Yesterday, my wife and I made a bid on a HUD home. We gave $1,000 earnest money. We do not know if the bid was accepted or not but my wife and I decided we want out...even if we have to lose our earnest money. The house was not in horrible condition but my wife spoke to a cop that is a friend of ours who said that there have been lots of problems in this area including a rape, drive by shooting, and burglaries. Since we have a small child we are very worried about this. Our agent is pretty reasonable but I just wanted any advice that you could give us. Thanks.

Answer 1

They may grumble a bit but HUD will let you out of this bid, since you don't have a signed contract.  Just call up the agent and tell them what you just said.  If HUD accepts your bid, but then you never send them a contract they will drop your bid after a few days anyhow.  Still, it would be best just to call them and tell them very sorry but you changed your mind, just so they can get the place re-listed faster.  The gov't is really great to deal with in this regard, and they really don't even care about the deposit they just want to sell the place.

Of course you should know around noon if your bid was even accepted (if not, don't worry you don't need to do anything).